ICICI Pru MF introduces 2 years fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 21st July

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 58-2 Year Plan C, a close-ended income scheme.

The investment objective of the plan under the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan. The tenure of the plan is two years.

The new issue closes on 21st July. The minimum investment amount is Rs5,000.

Crisil Composite Bond Fund Index is the benchmark Index. Chaitanya Pande is the fund manager.

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Headline inflation rises to 9.44% in June

The RBI has already hiked key policy rates ten times since March 2010 to curb demand and tame inflation. With headline inflation remaining high, as shown by the latest numbers, it may go in for another hike at its 26th July quarterly review

New Delhi: Headline inflation rose to 9.44% in June on the back of rising prices of fuel and manufactured products, which may prompt the Reserve Bank of India (RBI) to raise key rates again in its quarterly policy review later this month, reports PTI.

Inflation, as measured by the Wholesale Price Index (WPI), stood at 9.06% in May. It was 10.25% in June 2010.

Meanwhile, as per data released by the government today, the overall inflation figure for April this year has been revised upward to 9.74% from the provisional estimate of 8.66%.

The rise in inflation can partly be attributed to the hike in prices of diesel, cooking gas and kerosene announced by the government on 24th May.

The higher prices of petroleum goods, according to experts, is adding to supply side constraints.

The index for the fuel and power segment, which has a weight of almost 15% in the WPI basket, stood at 12.85% year-on-year in June. This was up from 12.32% in the previous month.

LPG became 12.17% more expensive on an annual basis, while high speed diesel was up 6.58%. Petrol, whose prices were hiked in April, also became dearer by 30.61%.

Prices of manufactured products, which have a weight of around 65% in the WPI basket, went up by 7.43% year-on-year in June.

Inflation in manufactured products has been steadily rising since February this year, when it crossed the 6% mark. It was 7.27% in May.

During the month under review, primary articles witnessed inflation of 12.22% on an annual basis, as against 11.30% in the previous month. Primary articles have a share of around 20% in the overall WPI basket.

Within the primary articles segment, food articles became 8.38% more expensive, while prices of non-food primary articles went up by 18.57%.

The RBI has already hiked key policy rates ten times since March 2010, to curb demand and tame inflation. With headline inflation remaining high, as shown by the latest numbers, it may go in for another hike at its 26th July quarterly review.

Experts have said that such action is inevitable and the RBI had also maintained that taming inflation was a priority for the central bank.

However, the latest numbers are in line with the RBI's projection of a high inflation rate in the first half of the fiscal.

In its monetary policy for 2011-12, the central bank had said that continued high prices of global commodities, particularly oil, would continue to drive the rate of price rise.

The RBI had projected inflation to average 9% for the first six months of 2011-12 before moderating to around 6% by the year-end.

Both the RBI and other experts had also said that inflationary pressure during the next few months would be more from commodity prices, rather than on account of food items, as was the case in 2010.

Headline inflation has been above 8% since January 2010.

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Food inflation rises to 8.31% for week ended 2nd July

Inflation in overall primary articles stood at 11.58% for the week ended 2nd July, up from 11.56% in the previous week while inflation of non-food primary items stood at 15.20% during the week under review, down from 17.69% earlier

New Delhi: Snapping a two-week declining trend, food inflation rose to 8.31% for the week ended 2nd July on the back of soaring prices of protein-based items, cereals and vegetables, reports PTI.

Food inflation, as measured by the Wholesale Price Index (WPI), rose by 0.70 percentage points during the week under review vis-à-vis the previous week. The rate of price rise in food items stood at 7.61% in the previous week ended 25th June.

As per data released by the government today, fruits and milk became 13.54% and 12.39% costlier, respectively, during the week under review. Prices of protein-based items like eggs, meat and fish went up by 11.95% annually.

Furthermore, cereals became 5.40% costlier, while vegetable prices were up by 2.25%. Prices of onions shoot up 30.72% on an annual basis.

Among the food items that saw some moderation in prices were pulses (down by 8.46%) and potatoes (down by 2.56%).

The latest numbers on the rate of price rise in food items are the lowest since the week ended 11th June, when food inflation stood at 9.13%.

Meanwhile, inflation in overall primary articles stood at 11.58% for the week ended 2nd July, up from 11.56% in the previous week. Primary articles have a share of over 20% in the WPI basket.

Inflation of non-food primary items stood at 15.20% during the week under review, down from 17.69% in the previous week.

Prices of fibres were up almost 34%, while fuel and power became more expensive by 11.89% y-o-y. LPG became dearer by 14.58% on an annual basis.

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